{"id":161045,"date":"2021-01-23T01:48:27","date_gmt":"2021-01-22T22:48:27","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/wen-now-badgerdaos-synthetic-rebasing-bitcoin-digg-goes-live\/"},"modified":"2021-01-23T01:48:27","modified_gmt":"2021-01-22T22:48:27","slug":"wen-now-badgerdaos-synthetic-rebasing-bitcoin-digg-goes-live","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/wen-now-badgerdaos-synthetic-rebasing-bitcoin-digg-goes-live\/","title":{"rendered":"# Wen? Now! BadgerDAO\u2019s synthetic rebasing Bitcoin, DIGG, goes live"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a368daa7903a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a368daa7903a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/wen-now-badgerdaos-synthetic-rebasing-bitcoin-digg-goes-live\/#Fair_flat_launch\" >Fair, flat launch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/wen-now-badgerdaos-synthetic-rebasing-bitcoin-digg-goes-live\/#Keeping_a_peg\" >Keeping a peg<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Wen? Now! BadgerDAO\u2019s synthetic rebasing Bitcoin, DIGG, goes live <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDEvNGFmYTY0OTctZjI0MS00YzhhLWIyYjAtZmM3MjFlNTYwNzFhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>After weeks of anticipation and a closely-watched <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of preparatory steps, BadgerDAO\u2019s synthetic rebasing Bitcoin, DIGG, is now live and claimable for qualified addresses on Ethereum mainnet.\u00a0<\/p>\n<p>The release will be eagerly welcomed by a perhaps-overzealous community, one which has been lighting up <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> with \u201cwen DIGG\u201d for weeks. For all the memes and excitement, however, there\u2019s some serious technical heft behind both the distribution and the maintenance of the newest Bitcoin asset on Ethereum.<\/p>\n<p>Ultimately, however, now that DIGG is in the wild market forces are what will determine the long-term success of the synthetic Bitcoin asset \u2014 success that might not be assured.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Fair_flat_launch\"><\/span>Fair, flat launch<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>According to core BadgerDAO contributor and distribution architect Jon Tompkins, the amount of claimable DIGG for each eligible account was determined using a formula centered on an Ethereum address\u2019 activity in the BadgerDAO <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>. Factors such as total native platform Badger tokens earned, the Badger earned to Badger staked ratio, and total stake days were taken into consideration.\u00a0<\/p>\n<p>In order to prevent an overallocation to deep-pocketed \u201cwhales,\u201d however, the DAO approved an application of a 1.75 root to smooth the distribution between addresses. As Tompkins wrote in the original DIGG distribution <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forum.badger.finance\/t\/bip-14-digg-distribution-overview\/1210\">proposal<\/a>, this root means that, while in a linear distribution the top 100 addresses would have been eligible to receive over 70% of DIGG, they instead will be able to claim just 33%. <\/p>\n<p>Tompkins said that of the 600 DIGG tokens currently available the top address will receive 8.75 DIGG, while the average of the 8517 eligible addresses will be able to claim .07 of a token.<\/p>\n<p>The goal of this distribution was to allow the project to \u201creward the little guys that are strong badger supporters but not fully disadvantage the whales,\u201d said Tompkins.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Keeping_a_peg\"><\/span>Keeping a peg<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Now that the token is live, the rebase <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>s begin.\u00a0<\/p>\n<p>Algorithmic stablecoins have been a hot topic in DeFi circles over the past few months as one of the most popular trading vehicles. The assets, which are primarily meant to track the price of the US dollar, have \u201crebasing\u201d features that dynamically expand or contract the total supply of the asset based on preset parameters such as price or time. <\/p>\n<p>So far, however, they\u2019ve proven to be far more effective at enriching users who know how to play the rebase parameters than they\u2019ve been at creating truly stable assets.<\/p>\n<p>DIGG will be possibly the first-ever synthetic rebasing Bitcoin, and certainly the first to feature this distribution method. Out of the gate users will be able to stake their DIGG in a yield-bearing vault, use it to provide liquidity to DIGG\/WBTC Sushiswap and Uniswap pairs, hold the core asset in anticipation of a positive rebase, or sell the tokens on the open market. <\/p>\n<p>While there has been speculation as to how DIGG will perform and what the best strategies might be, it\u2019s ultimately unclear to what degree the asset will be able to hew to its intended peg given BTC\u2019s volatility and DIGG\u2019s unique launch. <\/p>\n<p>In a previous interview with Cointelegraph, BadgerDAO founder Chris Spadafora expressed hope that additional forthcoming stabilization mechanisms will be able to help DIGG better track BTC, however.<\/p>\n<p>\u201cWhat we want to do with our vault system is really at large-scale be the\u2026 let\u2019s call it the \u2018buy-and-sell\u2019 dictators. So through automated strategies we\u2019re able to buy when the time is right and sell when the time is right to optimize return for the users,\u201d he said. <\/p>\n<p>Forthcoming vaults designed to programmatically play the rebase games are designed to do just that, but given the uncharted game-theoretical landscape it&#8217;s impossible to say if the vaults will be sufficient to stabilize DIGG \u2014 or what happens after vault incentives dry up.\u00a0<\/p>\n<p>In the end, after weeks of anticipation, instead of \u201cWen DIGG?\u201d BadgerDAO participants lining up to take a spin at the latest rebase casino now must ask themselves, \u201cWhat\u2019s next?\u201d <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/wen-now-badgerdao-s-synthetic-rebasing-bitcoin-digg-goes-live\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Wen? Now! BadgerDAO\u2019s synthetic rebasing Bitcoin, DIGG, goes live &#8221; After weeks of anticipation and a closely-watched series of preparatory steps, BadgerDAO\u2019s synthetic rebasing Bitcoin, DIGG, is now live and claimable for qualified addresses on Ethereum mainnet.\u00a0 The release will be eagerly welcomed by a perhaps-overzealous community, one which has been lighting up Twitter&#8230;<\/p>\n","protected":false},"author":1,"featured_media":161046,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDEvNGFmYTY0OTctZjI0MS00YzhhLWIyYjAtZmM3MjFlNTYwNzFhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[84148,74868,74891,90498],"class_list":["post-161045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-airdrop","tag-defi","tag-ethereum","tag-smartcontracts"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/161045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=161045"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/161045\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/161046"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=161045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=161045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=161045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}